2019 Cloud and IoT Trends in the Industrial Products Market
by Jakes Moskel Salesforce Consulting Services, Cloud Computing -As cloud services and solutions evolve, so does consumer demand.
Increases are predicted once again for the coming new year, with public cloud platforms growing faster than private cloud applications.
The
last year helped to set the pace for this development: in the second
quarter of 2018, Amazon’s cloud business grew nearly 48.9 percent,
generating $6.11 billion in revenue. In July, it was reported that the
Google Cloud division as a whole had grown rapidly, with Google CEO
Sundar Pichai highlighting several major new customers. IBM also
reported in July that cloud revenue—including hardware, software, and
services for hybrid, public, and private cloud solutions—had generated
$18.5 billion year over year, up 23 percent.
Microsoft is also on the
rise; in October, the company reported that commercial cloud revenue,
including Azure sales, hit $8.5 billion, up 47 percent from the year-ago
quarter. The growth margin for that business rose to 62 percent from 58
percent in the year-ago quarter and 59 percent in the prior quarter.
While
the big cloud providers are offering a wider range of tools and
services to help drive this growth, users will still need
internal/external cloud expertise—beyond the public providers—to
implement their own IoT systems. This will drive the need for hybrid cloud solutions and contribute to the blurring of cloud usage across edge, public, and private solutions.
Industrial Products Lead IoT Platform Adoption
2019
will become the year that enterprise companies dive head-first into
IoT. Forrester reports that industrial products will lead all industries
in IoT adoption at 45 percent with an additional 22 percent planning to
adopt IoT in the next 12 months. According to Forbes, the Industrial
Internet of Things (IIoT) market is predicted to reach $123B in 2021,
attaining a CAGR of 7.3 percent through 2020. This will give executives
the ability to analyze large quantities of industry and/or
products-specific data and use that information for business
intelligence and decision-making.
Artificial intelligence (AI)
and machine learning (ML) will also come into play, with IT executives
opening up data that was formally siloed, enabling enterprises to derive
informed insight on everything from product maintenance and development
to daily operations.
IoT Security Issues Keep IT Executives on Their Toes
With
IoT and cloud platform adoption on the rise, security will continue to
be a concern. By 2020, more than 25 percent of security breaches in the
industrial enterprise will involve IoT, according to Gartner. However,
the same study reporters that IoT will account for less than 10 percent
of IT security budgets.
IP-based connectivity is one of the
challenges here, because of its necessity for communication across
multiple devices and the inherent security risks. The use of
sophisticated microprocessors in industrial equipment will play a role
and also make the industrial equipment space a vulnerable target.
Although
technology exists to make end-point devices secure, it will not be
adopted universally, especially by low-cost manufacturers who want to
sell equipment. Expect to see distributed denial of service (DDoS)
attacks continuing through 2019, and don’t be surprised when you see
cloud-side accounts hacked and used to mine cryptocurrency or something
similar on someone else’s cloud budget.
IT executives will need
to be on their toes. They must plan for these attacks before they happen
by adopting the technology necessary to encrypt and keep data safe.
Industrial Factories Build Digital Twins to Monitor Factory Floors in Real Time
B2B
IoT and 3D modelling, also called digital twinning technology, is
finally moving away from phenomenon status into everyday life. As the
modelling trend matures, manufacturers are looking closely at unique
ways to adopt this technology while pushing for a “digitally connected”
factory floor.
Digital twinning is a new phenomenon in the world of
manufacturing that lets operators build a 3D model of a facility and
superimpose real-time sensor data on that model. This is where virtual
modelling meets IoT and digital twinning comes to life. Real-time sensor
data is mapped onto a 3D model of the facility, and visual clues are
provided to allow the user to easily visualize what is happening.
Digital
twinning is taking shape in the virtual world; up to 85 percent of IoT
platforms will contain some form of this technology by 2022, according
to Orbis Research. AI plays a big role here as well and will find wide
adoption in machine learning algorithms used for things like predictive
maintenance, factory floor design, machinery usage analysis and much
more.
Leading the Way in 2019
The insights above and industry
statistics all point to the industrial products sector leading the way
in IoT and cloud platform adoption in 2019. From public cloud
implementations to the ongoing use of hybrid solutions, industrial
products manufacturers will harness the power of IoT to monitor assets
in real time while collecting important data in the cloud for informed
business intelligence. These industries will be the ones to watch in the
coming year.
This Article Source is From : https://www.iotforall.com/2019-cloud-iot-trends-industrial-products-market/
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Created on Feb 9th 2019 04:46. Viewed 424 times.